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On April 14, Hamilton City Council approved the 2010 tax budget reducing the tax requirement to an average increase of 2%, a full percent less than the 3% guideline which initiated the process in June of 2009. For the average home assessed at $232,000, the 2% increase results in a $67 additional tax requirement for the year.

The City of Hamilton provides hundreds of services to the public. Most of these services are paid for by property taxes collected each year. The 2010 tax budget takes approximately $1.3 billion gross to deliver those services. User fees, grants subsidies and other revenues reduce the amount of taxes we need to raise to support these services to about $680 million.

Budget deliberations continue on April 7th after the City received approval of the $14.2 million grant request as well as confirmation of the assumptions regarding Provincial Education Tax Rates used in tax impact calculations during the budget process.

An update was presented to Committee of the Whole on February 22nd with additional proposals that would result in a tax rate increase of 2.0%, pending receipt of a $14.2 million grant from the Province.

Since the 2010 preliminary Tax Supported Budget was presented to Council, Sub-Committees have met to deliberate the respective department budgets. As a result of these deliberations and the continued adjustment of the budget by Council and staff, the Committee of the Whole was presented with a revised projection of 2.1%, inclusive of a 0.5% levy increase to fund infrastructure investments. City Council continues to deliberate the 2010 Tax Supported Operating Budget.

The 2010 Preliminary Tax Supported Operating Budget, excluding capital levy, submitted for Council’s consideration assumed a levy increase of $25 million. Accounting for an estimated 1% assessment growth and adjusting levy restrictions, the residential property tax increase required was projected to be 3.1% ($84 for the average home). In addition, Council approved a guideline of a 1% tax impact to support the Capital Budget ($5.8 million). The total residential tax impact last fall prior to council deliberation was therefore approximately 4.1% or about $112 for the average home.

The City of Hamilton provides hundreds of services to the public. Most of these services are paid for by property taxes collected each year. The 2010 tax budget takes approximately $1.3 billion gross to deliver those services. User fees, grants subsidies and other revenues reduce the amount of taxes we need to raise to support these services to about $680 million.